The United States specialty generics market is driven by the increasing prevalence of chronic diseases, along with a significant rise in the geriatric population across the country.

According to the latest report by IMARC Group, titled “United States Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 18.4 Billion in 2018. Specialty drugs are a classification of drugs that require special handling, monitoring or administration. These drugs tend to have complex chemical structures and delivery mechanisms, often involving extensive research and development (R&D) and are difficult to obtain approval for. Specialty generics are the generic variants of such branded drugs which have lost their patent protection. These prescription medicines are utilized to treat chronic medical conditions such as cancer, HIV, psoriasis, epilepsy, hepatitis C, hemophilia, multiple sclerosis, rheumatoid arthritis and inflammatory bowel disease (IBD). Owing to factors such as the growing number of rare disease cases, specialty generics drugs are experiencing high demand in the United States. The market for these drugs in the country is thriving with product launch by several key market players, along with favorable initiatives by the US FDA such as the breakthrough therapy, which cumulatively aims to increase and smoothen the accessibility to these drugs for patients.

The increasing prevalence of various life-threatening diseases, including cancer and HIV, is one of the major factors driving the market growth in the United States. Additionally, an increase in the geriatric population across the country has led to the occurrence of numerous complex diseases which, inadvertently, is creating a positive outlook for the market. Also, since the manufacturing process of specialty generic drugs does not involve development and marketing costs, they are available in the market at a more affordable price point as compared to their branded counterparts. Consequently, these drugs are widely preferred by consumers as they significantly aid in reducing the overall treatment expenses. The patent expiration of several blockbuster drugs is further expected to propel the growth of the market in the region. Other factors contributing to the market growth include rising disposable incomes, growing awareness regarding these drugs, and increasing healthcare expenditure capacities of consumers. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 32.6 Billion by 2024, expanding at a CAGR of around 10% during 2019-2024.

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